This is a proposal for adding the 1inch token (1INCH) to Compound.
1inch Network is arguably one of the most reputable and trusted ecosystems that unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space.
1INCH is an ERC-20 utility & governance token, and the 1inch Network is governed by a decentralized autonomous organization (DAO). 1inch is unique in that it provides instant governance for its users. This feature allows 1inch users to vote for specific protocol settings in the DAO model. The instant governance makes it easier for token holders to make changes to the protocol and circumnavigates many of the inefficiencies of many current DAO models.
1INCH has been listed on Coinbase, Binance and other significant exchanges currently ranks in the top 100 of total coins by market capitalization. 1INCH has a flourishing community of over 200,000+ members across multiple online channels, as well as more than 178,000+ active wallets and 51,000+ token holders. We believe that the addition of our token to Compound will step up activity on the platform and provide a vast number of opportunities to the communities of both projects.
1INCH is an ERC-20 utility & governance token, and the 1inch Network is governed by a decentralized autonomous organization (DAO). 1inch is unique in that it provides instant governance for its users. This feature allows 1inch users to vote for specific protocol settings in the decentralized autonomous organization (DAO) model.
1INCH is at over $890M in market cap at the time of writing. It enjoys deep liquidity on both centralized and decentralized exchanges.
- Defi Adoption
1INCH is an active project in the Defi ecosystem and has already submitted applications to the MakerDAO and AAVE communities.
Safety & Next Steps
To ensure the safety of the Compound protocol, we must carefully manage risk. In this case, we can do this by fine-tuning the collateral factor, reserve factor, and borrowing limits for $1INCH.
1INCH Foundation would like to open up a discussion as to what the optimal initial values of these risk-related factors should be.
Once we come to a majority agreement on this, the $1INCH Foundation will create an autonomous proposal to be voted on by everyone.
So with respect to $1INCH, what do you think are optimal initial values for:
- Collateral factor
- Reserve factor
- Borrowing limit
We look forward to receiving feedback from the community and moving forward with the future application, as we believe $1INCH would be a valuable addition to Compound with its reliable live price feeds, strong community interest, and sufficient market liquidity.
Learn more about 1inch and its community